Prologis warehouse buy is Chicago’s priciest of 2021

Industrial giant’s deal for 340K sf complex continues aggressive pace of acquisitions

Chicago /
Mar.March 25, 2021 04:05 PM
  Prologis CEO Hamid Moghadam and 930 West Evergreen Avenue (Google Maps)

Prologis CEO Hamid Moghadam and 930 West Evergreen Avenue (Google Maps)

Remember when industrial real estate was a steady but boring sector, about as eye-catching as its architecture is interesting? Wasn’t so long ago.

But Amazon, e-commerce and the pandemic have combined to make that description an anachronism.

In the largest commercial investment sale in Chicago this year, Prologis paid nearly $100 million for a Goose Island warehouse and office building, Crain’s reported. The deal for the 339,000-square-foot building at 930 West Evergreen Avenue continues Prologis’ aggressive pace of acquisitions over the last year.

It was also a profitable deal for the sellers, Related Fund Management — an investment arm of Related Companies — and Connecticut-based Greenfield Partners. The duo acquired the property less than two years ago from Mars Food for $73 million, according to the report. The two companies are long-term tenants in the property through their joint venture, Quiet Logistics, an e-commerce fulfillment firm created in 2019, Crain’s noted.

The rest of the building is fully leased to a pair of companies.

Chicago’s industrial market has always been a strong performer, but Amazon has helped thrust it into the spotlight. From March through July of last year, the e-commerce giant leased 11 million square feet of distribution centers and warehouses in the Chicago area, helping drive up prices across the sector.

[Crain’s] — Alexi Friedman


Related Articles

arrow_forward_ios
(iStock)
Chicago industrial market poised for further growth
Chicago industrial market poised for further growth
Stonemont Pays $80M for properties near Amazon shipping facility
Stonemont Pays $80M for properties near Amazon shipping facility
Stonemont Pays $80M for properties near Amazon shipping facility
Chicago can’t build warehouses fast enough to meet surging demand
Chicago can’t build warehouses fast enough to meet surging demand
Chicago can’t build warehouses fast enough to meet surging demand
LBA's Perry Schonfeld and the property (Showcase, LinkedIn via Schonfeld)
LBA Realty pays $16.1M for Goose Island industrial property
LBA Realty pays $16.1M for Goose Island industrial property
Granite REIT buys 454K warehouse as industrial demand surges
Granite REIT buys 454K warehouse as industrial demand surges
Granite REIT buys 454K warehouse as industrial demand surges
Industrial Realty inks city to 427K sf lease at warehouse complex
Industrial Realty inks city to 427K sf lease at warehouse complex
Industrial Realty inks city to 427K sf lease at warehouse complex
The property at 1819 N Major Avenue (Out of the Box Ventures)
Major mixed-use redevelopment project clears key hurdle
Major mixed-use redevelopment project clears key hurdle
Tenants are going toe-to-toe for industrial space in Chicago (Getty)
Industrial space in Chicago drawing multiple offers from e-commerce users
Industrial space in Chicago drawing multiple offers from e-commerce users
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...